INDIANA ARTS COMMISSION CULTURAL TRUST FUND ADMINISTRATIVE BOARD IAC CONFERENCE ROOM INDIANAPOLIS, IN November 27, 2007 2:00 p.m.

Steve Tuchman, Chairperson

Board Members Present: Steve Tuchman, Jeanne Mirro, Karen Ellerbrook, Jim Bodenmiller, L. Gene Tanner, Mike Quinn, Mike Frick

Board Members Not Present:

IAC Staff Members Present: Lewis Ricci, Rex Van Zant, Dennis Hardin

1. Welcome and Introductions Mr. Tuchman called the meeting to order at 2:06 p.m.

2. Consent Agenda Mr. Tanner moved and Ms. Mirro seconded to approve the consent agenda including minutes from the May 31, 2007 meeting. Motion passed.

3. Arts Trust Fund Update a. Mr. Frick reported on the most current trust fund totals. As of November 15, assets in the trust totaled $1,365,398.13. Trust Fund revenues are currently invested in three short-term certificates of deposit. The accounts are currently earning between 4.65% and 5.31%. Mr. Frick stated that if the current rate of growth continues at its present rate during the second half of the fiscal year, he estimated the Trust Fund balance would exceed $1.4 million.

4. Cultural Trust Fundraising Mr. Ricci reported that admission to the performance and awards program of the Governor’s Arts Awards netted just under $6,000 for the Cultural Trust Fund.

Mr. Ricci also informed the Board that the Commission plans to form an ad- hoc committee to explore in more detail options for other fundraising opportunities. A list of potential members of this committee has been formed and potential members will be contacted regarding their interest.

One possible recommendation of this committee may be a formal study to research these opportunities. The consensus of the Board was that Cultural Trust interest revenue should not be used solely to fund such a study. While some funds from the Trust might be used, along with those from other sources, there should be a more dynamic, and exciting purpose for the funds disbursed. The Board agreed that some project with an educational impact would be ideal to generate greater public interest. 5. Legislative Update The Board reviewed a draft of the mandated report to the Legislature. Mr. Tanner moved and Ms. Ellerbrook seconded a motion that Chairman Tuchman be authorized to craft updated language for the Board’s annual report to the Legislature. Mr. Tuchman suggested revisions to the membership page to indicate both the previous term Board members as well as those recommended to the Governor for appointment.

6. Old Business The Board discussed new appointments and reappointments during the opening welcome and introductions.

7. New Business a. There was no new business.

8. Adjourn At 2:55 Mr. Tanner made the motion to adjourn the meeting, seconded by Mr. Frick.